I know that in the U.S., one can exempt the first $500k in capital gains (if you are married) from capital gains taxes as long as you hold the property for at least 2 years. A few questions...

1) Does that $500k exemption apply to land investments as well?

2) Does that $500k exemption apply to single and multi family homes that are rental properties as well?

3) If I purchase a residence in another country, does the $500k exemption apply?

More...

You have to occupy the property as your primary residence. So that rules out #1 and #2. For non-owner occupied type properties they would qualify for 1031 exchange....which DEFERS capital gains, provided you comply with all the detailed rules of 1031.

Can't answer #3. But remember, it must be your primary residence. Whether US tax law applies to this type of foreign investment though I can't say.